Agreement to provide capital for a Joint Venture to design and implement environmental solutions in US and India
London, UK, December 6, 2014 – E-Waste Systems, Inc (OTCQB: EWSI) (‘EWSI,’ ‘the Company’ or ‘eWaste Systems’) an electronic waste management, environmentally focused services and technology company, announces today that it has signed a binding Agreement (‘HTA’) with Aruls Environmental and Green Ozone Pvt Ltd (‘AEGOPL’), an India based company, for a Joint Venture to develop and expand reverse logistic operations in North America, India and South East Asia.
The Agreement provides for an initial investment of $750K by AEGOPL and a subsequent $1.75M investment. The initial investment will provide working capital for the development of e-waste projects in New York area and subsequently to provide a significant expansion of the EWSI operations there. The initial investment will also fund the acquisition of an existing public company that will serve to establish a functional presence for AEGOPL in the US and to advance application for government support to open recycling and environmental operations in India and the other interested territories. EWSI will have a minority stake in that company. The HTA’s also commits a $1.75M investment to expand the EWSI New York e-waste facility including acquisition of new capital equipment. The parties will enter into a Joint Venture to establish a regional and/or national eWaste recycling and environmental business in India which will extend the EWSI organization. Closing of the investment is targeted to be 90 days from the effective date of the HTA.
“The Agreement signed with AEGOPL establishes a partnership with a very talented team including Mr. Tanna and Dr. Arulrhaj, a very prominent physician, that will strengthen our operations in both the USA and Asia” said Mr. Martin Nielson, Founder & CEO of E-Waste Systems. “The key elements of the HTA include the $2.5M investment, the capital equipment upgrade for our existing operations and the subsequent expansion of our services into important new markets. This also establishes a blueprint for entry into new markets around the world with the goal of achieving both sustainability and profitability,” added Mr. Nielson.
Toxics Link, a Delhi-based non-governmental organization, International Resource Group and the United Nations all confirm that the domestic e-waste market in India is valued at $1.5 billion, representing 1.6Million tons of ewaste each year. It is the fastest growing waste stream and is projected to grow 500% by 2020. The booming of the IT sector is the largest contributor, due to the fact that 30 percent of these machines reach obsolescence annually.
“We are very pleased to have this opportunity to invest in EWSI and we look forward to the opportunity to not only establish AEGOPL’s presence in the USA but also to work with EWSI in expanding its US business and expand its brand and products in India and South East Asia” said Mr. Jayesh Tanna, Managing Director of AEGOPL.
“Our agreement with AEGOPL will enable expansion of our platform for growth in the US and then subsequently expand the EWSI management and operational model to other markets. This new relationship with Dr. Arulrhaj and Mr. Tanna’s teams will help us expand our capacity, further promote our green footprint and help accelerate our revenue growth” added Mr. Nielson.
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About E-Waste Systems, Inc.
E-Waste Systems, Inc. is the first pure play public company in the emerging waste electrical and electronics equipment (“WEEE”) industry. EWSI leverages its expansive geographical network of affiliates providing best practices in professional management and state-of-the-art engineering to companies facing regulatory or other mandates for handling e-waste. Additional information, including the business plan summary, pictures and descriptions of the facilities, staff, and overall progress of the Company is available on the official website and social media sites: http://www.ewastesystems.com, Facebook, Twitter, and LinkedIn. Or contact: Investor Relations at: email@example.com.
About Aruls Environmental and Green Ozone Pvt Ltd
AEGOPL is a company established in the Republic of India, focused on providing Total Solutions in the fields of environmental sustainability and renewable energy. To date the company has projects under development encompassing Waste to Energy, Solar PV and Biomass to Energy. More information available at the corporate website http://www.arulsenvironment.com
Safe Harbor Statement: Certain statements and information included in this release may constitute “forwardlooking statements” as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forwardlooking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance
or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management’s projections, estimates and expectations is contained in the Company’s SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
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